Well, with that WR you can buy the BIG RV and hire a full time driver!
Blowin' that dough isn't for the timid! Takes willful abandon and lust for life.
Dying broke is not something I worry about.
Thanks, that is interesting. I clicked on the home page and found LOTS of calculators, most not retirement related. New to me.Nice calculator, thanks for posting. That website had another interesting calculator for those looking to retire early for an indefinite number of years. Example of someone with 1 Million saved, spending 4K per month, and assuming a withdrawal rate of 3.5%:
https://engaging-data.com/freedom-calculator/?sav=1000000&spend=48000&wr=3.5
I disagree. Keeping the probability of death active visualizes something we all know but actively do not acknowledge.
The Reaper is waiting. You do not have to plan for eternity.
I can't agree with this at all. The math sounds right, but it makes no sense to apply that math to this case.
I'll use an analogy I've used before. Imagine you have a very important meeting in two days @ 11AM. Due to previous, important events, you can't leave before 10 AM.
You figure you only have a 10% chance of making it to the meeting on time. Now you notice the gas in your tank is low. You calculate have a 10% chance of running out of gas on the way to this important meeting.
Do you discount the need to fill up your tank, based on the fact you probably won't make it to the meeting anyhow? Of course not. You plan for the case that you do make it to the meeting, and you try to remove other obstacles.
For most, planning for age 100 is not that much more portfolio/less spending than planning for 90, so it's not a huge obstacle.
-ERD50
If I hit the 75% chance I should be dead age I'll cut back my spending. It'll mean a boring life from 85 on, but that's the price I'll pay.
Yup. It’s funny how people have less of an issue spending their savings in fun stuff, or food, etc, but begrudgingly when it is for payment of services such as health care or LTC which acknowledges that your life is nearing the end.
My father in poor health is in a fit when we talk about paying for CCF or even daily nurses above what his SS and Medicare cover. He doesn’t want to “waste” his savings. The fact that he doesn’t have much longer to live and THAT is what the savings is for is entirely over his head.
Yup. It’s funny how people have less of an issue spending their savings in fun stuff, or food, etc, but begrudgingly when it is for payment of services such as health care or LTC which acknowledges that your life is nearing the end.
I had a great-uncle who was a miser.... living with a 4-burner stove with only 2 working burners was a badge of honor in his mind.
His wife died first and he did well for a while but as his health declined it became apparent that he needed to into a nursing home because he could not live on his own. He refused because he had money and it would "cost too much". Ditto with help in the home. End up living a horrible last few months, sometimes in his own feces. Totally stupid.
I just don't get misers.
I use all my burners (4) some of the time and 3 a lot of the time...
You must be a more talented cook than I am. I can only handle two at a time!I use all my burners (4) some of the time and 3 a lot of the time.
Yup. It’s funny how people have less of an issue spending their savings in fun stuff, or food, etc, but begrudgingly when it is for payment of services such as health care or LTC which acknowledges that your life is nearing the end.
My father in poor health is in a fit when we talk about paying for CCF or even daily nurses above what his SS and Medicare cover. He doesn’t want to “waste” his savings. The fact that he doesn’t have much longer to live and THAT is what the savings is for is entirely over his head.
I've observed the same thing among people who are around ER age. They continue to work because they "need the cheap health insurance", even though they clearly are in a financial situation where they could bear the full cost. But to me, health insurance is just another expense, no different than any other kind of spending.